Income tax department all set to cut refund time

The revenue department is poised to roll out a system to cut the average processing and issuance time for tax refunds from the current 16 days to just 10 days, a newspaper report has said. More importantly, the new timeline is expected to be implemented during the current fiscal year.

“In 2022-23, the average time taken for processing tax returns was 16-17 days. It was 26 days in the preceding year, 2021-22. Now we are looking at processing tax returns in 10 days and issuing refunds simultaneously,” the Business Standard quoted a government official as saying

Source: Moneycontrol